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11 Sep 2013
EUR/USD tumbling after Obama’s address; 1.3278 resistance looms large
FXstreet.com (Barcelona) - The EUR/USD has slid from 1.3281 at 22:00 GMT to 1.3255 currently – likely in response to President Obama’s national address on Syria. Unless it recovers, EUR/USD will have been rejected at resistance once again.
Wednesday’s trading to be driven by geo-politics and German CPI
There will likely be a continuous flow of reactions to President Obama’s address to the American people (and the world) regarding Syria. If anything unexpected develops on that front, it will clearly influence the greenback. Outside of that, EUR/USD traders will be watching the release of German CPI data for clues on the future direction of the euro.
Technical outlook for EUR/USD
According to Tim Thielen, CMT, the author of the Sea Change Report, the EURUSD is resting just below the first of two potential resistance levels at 1.3278. In a report out Wednesday, he remained bearish of EURUSD with an eventual target down at the 1.24 – 1.25 range (at least) with stops for a bounce along the way. On the other hand, If a close above that level occurs, Thielen says 1.3318 is the next possible stop.
Wednesday’s trading to be driven by geo-politics and German CPI
There will likely be a continuous flow of reactions to President Obama’s address to the American people (and the world) regarding Syria. If anything unexpected develops on that front, it will clearly influence the greenback. Outside of that, EUR/USD traders will be watching the release of German CPI data for clues on the future direction of the euro.
Technical outlook for EUR/USD
According to Tim Thielen, CMT, the author of the Sea Change Report, the EURUSD is resting just below the first of two potential resistance levels at 1.3278. In a report out Wednesday, he remained bearish of EURUSD with an eventual target down at the 1.24 – 1.25 range (at least) with stops for a bounce along the way. On the other hand, If a close above that level occurs, Thielen says 1.3318 is the next possible stop.